In a relief for Bank of Baroda (BOB), the Reserve Bank of India (RBI) has revised its earlier decision to impose a restriction on the bank’s mobile application, BOB World, allowing it to onboard customers through the app once again. BOB informed the stock exchanges on May 8 about the lifting of the restriction, which is effective immediately.
Back in October 2023, the banking regulator had directed BOB to suspend further onboarding of customers onto the ‘Bob World’ mobile application, citing ‘certain material supervisory concerns’ observed in the processes.
Following the RBI directive, Bank of Baroda had clarified that it had carried out corrective measures to address the concerns highlighted by the RBI and was taking further steps to plug any remaining gaps. The bank had subsequently taken action at the field and corporate level, including the termination of Chief Digital Officer (CDO) Akhil Handa.
In July 2023, media reports had claimed that Bob World was involved in tampering with customer accounts. The reports alleged that the lender had linked contact details of different people to increase the number of mobile application registrations.
What is the BoB World application?
Bank of Baroda launched its digital banking application ‘BoB World’ in September 2021. It provides a virtual banking experience and has all its digital banking services under one roof for its customers.
